MaxLinear, Inc. Announces Fourth Quarter 2020 Financial Results

Due to additional work and procedures arising from the significance of our recent acquisitions, the annual audit of our consolidated financial statements by our independent registered public accounting firm is not yet complete, and final adjustments may arise between now and the time our financial results for the year ended December 31, 2020 are filed with our Annual Report on Form 10-K. For additional information, you should carefully review our audited consolidated financial statements for the year ended December 31, 2020 once they become available in the Form 10-K.

In addition to these risks and uncertainties, investors should review the risks and uncertainties contained in our filings with the Securities and Exchange Commission (SEC), including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and our Current Reports on Form 8-K, as well as the information to be set forth under the caption “Risk Factors” in MaxLinear’s Annual Report on Form 10-K for the year ended December 31, 2020, which we expect to file soon. All forward-looking statements are based on the estimates, projections and assumptions of management as of February 3, 2021, and MaxLinear is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Use of Non-GAAP Financial Measures

To supplement our unaudited consolidated financial statements presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross margin, operating expenses, operating expenses as a percentage of revenue, income from operations as percentage of revenue, and diluted earnings per share. These supplemental measures exclude the effects of (i) stock-based compensation expense; (ii) accruals related to our performance based bonus plan for 2020, which we currently intend to settle in shares of our common stock; (iii) accruals related to our performance based bonus plan for 2019, which we settled in shares of common stock in 2020; (iv) amortization of inventory fair value adjustments; (v) amortization of purchased intangible assets; (vi) depreciation of fixed asset fair value adjustments; (vii) acquisition and integration costs related to our acquisitions; (viii) professional fees and settlement costs related to IP and commercial litigation matters; (ix) severance and other restructuring charges; (x) impairment losses on intangible assets; (xi) other non-recurring interest and other income (expenses), net attributable to acquisitions and (xii) non-cash income tax benefits and expenses. These non-GAAP measures are not in accordance with and do not serve as an alternative for GAAP. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. These non-GAAP measures should only be viewed in conjunction with corresponding GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

We believe that non-GAAP financial measures can provide useful information to both management and investors by excluding certain non-cash and other one-time expenses that are not indicative of our core operating results. Among other uses, our management uses non-GAAP measures to compare our performance relative to forecasts and strategic plans and to benchmark our performance externally against competitors. In addition, management’s incentive compensation will be determined in part using these non-GAAP measures because we believe non-GAAP measures better reflect our core operating performance.

The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:

Stock-based compensation expense relates to equity incentive awards granted to our employees, directors, and consultants. Our equity incentive plans are important components of our employee incentive compensation arrangements and are reflected as expenses in our GAAP results. Stock-based compensation expense has been and will continue to be a significant recurring expense for MaxLinear. While we include the dilutive impact of equity awards in weighted average shares outstanding, the expense associated with stock-based awards reflects a non-cash charge that we exclude from non-GAAP net income.

Bonuses under our executive and non-executive bonus programs have been excluded from our non-GAAP net income for all periods reported. Bonus payments for the 2019 performance periods were settled through the issuance of shares of common stock under our equity incentive plans in March 2020. We currently expect that bonus awards under our fiscal 2020 program will be settled in common stock in the first quarter of fiscal 2021.

Expenses incurred in relation to acquisitions include amortization of inventory fair value adjustments, amortization of purchased intangible assets, depreciation of fixed asset fair value adjustments, acquisition and integration costs primarily consisting of professional and consulting fees, amortization of discount on deferred purchase price payments to interest expense, and non-recurring gain on reversal of liability for an assumed indemnification obligation in 2019.

Impairment losses relate to certain intangible assets.

Restructuring charges incurred are related to our restructuring plans which eliminate redundancies and primarily include severance and restructuring costs related to impairment of leased right-of-use assets or from exiting certain facilities.

Expenses incurred in relation to our intellectual property and commercial litigation include professional fees incurred.

Income tax benefits and expense adjustments are those that do not affect cash income taxes payable.

Reconciliations of non-GAAP measures for the historic periods disclosed in this press release appear below. Because of the inherent uncertainty associated with our ability to project future charges, particularly related to stock-based compensation and its related tax effects as well as potential impairments, we have not provided a reconciliation for non-GAAP guidance provided for the first quarter 2021.

About MaxLinear, Inc.

MaxLinear, Inc. (NYSE: MXL) is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for access and connectivity, wired and wireless infrastructure, and industrial and multi-market applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.

MXL is MaxLinear’s registered trademark. Other trademarks appearing herein are the property of their respective owners.

MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
	Three Months Ended
	December 31, 2020			September 30, 2020			December 31, 2019
Net revenue	$	194,716		$	156,633		$	70,018
Cost of net revenue	111,629			90,427			33,394
Gross profit	83,087			66,206			36,624
Operating expenses:
Research and development	70,504			55,816			23,467
Selling, general and administrative	36,238			41,685			20,924
Restructuring charges	—			3,280			159
Total operating expenses	106,742			100,781			44,550
Loss from operations	(23,655		)	(34,575		)	(7,926		)
Interest income	126			27			222
Interest expense	(4,724		)	(3,569		)	(2,587		)
Other income (expense), net	(550		)	(719		)	(498		)
Total interest and other income (expense), net	(5,148		)	(4,261		)	(2,863		)
Loss before income taxes	(28,803		)	(38,836		)	(10,789		)
Income tax benefit	(4,131		)	(2,191		)	(2,685		)
Net loss	$	(24,672	)	$	(36,645	)	$	(8,104	)
Net loss per share:
Basic	$	(0.33	)	$	(0.50	)	$	(0.11	)
Diluted	$	(0.33	)	$	(0.50	)	$	(0.11	)
Shares used to compute net loss per share:
Basic	74,335			73,402			71,746
Diluted	74,335			73,402			71,746

MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
	Year Ended
	December 31, 2020			December 31, 2019
Net revenue	$	478,596		$	317,180
Cost of net revenue	265,798			149,495
Gross profit	212,798			167,685
Operating expenses:
Research and development	179,993			98,344
Selling, general and administrative	130,025			88,762
Impairment losses	86			—
Restructuring charges	3,833			2,636
Total operating expenses	313,937			189,742
Loss from operations	(101,139		)	(22,057		)
Interest income	409			775
Interest expense	(12,952		)	(11,133		)
Other income (expense), net	(1,170		)	(69		)
Total interest and other income (expense), net	(13,713		)	(10,427		)
Loss before income taxes	(114,852		)	(32,484		)
Income tax benefit	(16,259		)	(12,586		)
Net loss	$	(98,593	)	$	(19,898	)
Net loss per share:
Basic	$	(1.35	)	$	(0.28	)
Diluted	$	(1.35	)	$	(0.28	)
Shares used to compute net loss per share:
Basic	73,133			71,005
Diluted	73,133			71,005

MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
	Three Months Ended
	December 31, 2020			September 30, 2020			December 31, 2019
Operating Activities
Net loss	$	(24,672	)	$	(36,645	)	$	(8,104	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization and depreciation	22,694			20,554			16,473
Amortization of inventory fair value adjustments	18,500			14,445			—
Amortization of debt issuance costs and accretion of discount on debt and leases	815			579			404
Stock-based compensation	14,540			14,145			7,747
Deferred income taxes	(13,235		)	3,834			(3,238		)
Impairment of leasehold improvements	—			156			—
Impairment of leased right-of-use assets	—			1,464			7,058
Gain on extinguishment of lease liabilities	—			—			(7,557		)
Loss on foreign currency and other	914			601			430
Excess tax benefits on stock based awards	(147		)	(152		)	(192		)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	37,736			(63,569		)	5,930
Inventory	(11,657		)	(17,349		)	6,224
Prepaid expenses and other assets	(4,597		)	(35,131		)	2,889
Leased right-of-use assets	36			79			109
Accounts payable, accrued expenses and other current liabilities	(10,099		)	61,958			2,692
Accrued compensation	9,485			15,364			607
Accrued price protection liability	29,280			12,108			(1,097		)
Lease liabilities	(2,111		)	(1,566		)	(1,655		)
Other long-term liabilities	6,787			(7,459		)	(613		)
Net cash provided by (used in) operating activities	74,269			(16,584		)	28,107
Investing Activities
Purchases of property and equipment	(2,355		)	(5,196		)	(2,989		)
Purchases of intangible assets	(2,411		)	(375		)	—
Cash used in acquisitions, net of cash acquired	—			(160,000		)	—
Net cash used in investing activities	(4,766		)	(165,571		)	(2,989		)
Financing Activities
Proceeds from the issuance of debt	—			175,000			—
Payment of debt issuance cost	—			(2,696		)	—
Repayment of debt	(17,188		)	—			—
Net proceeds from issuance of common stock	2,798			628			2,382
Minimum tax withholding paid on behalf of employees for restricted stock units	(643		)	(1,393		)	(820		)
Net cash provided by (used in) financing activities	(15,033		)	171,539			1,562
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,178		)	(71		)	(87		)
Increase (decrease) in cash, cash equivalents and restricted cash	53,292			(10,687		)	26,593
Cash, cash equivalents and restricted cash at beginning of period	96,742			107,429			66,524
Cash, cash equivalents and restricted cash at end of period	$	150,034		$	96,742		$	93,117

MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
	Year ended
	December 31, 2020			December 31, 2019
Operating Activities
Net loss	$	(98,593	)	$	(19,898	)
Adjustments to reconcile net loss to cash provided by operating activities:
Amortization and depreciation	76,513			66,401
Impairment losses	86			—
Amortization of inventory fair value adjustments	32,945			—
Amortization of debt issuance costs and accretion of discount on debt and leases	2,201			1,577
Stock-based compensation	47,597			32,060
Deferred income taxes	(18,488		)	(15,693		)
Loss on disposal of property and equipment	—			46
Impairment of leasehold improvements	319			1,442
Impairment of leased right-of-use assets	1,508			9,240
Gain on extinguishment of lease liabilities	—			(10,437		)
Loss on foreign currency	1,289			760
Excess tax benefits on stock-based awards	(677		)	(4,064		)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(16,856		)	9,090
Inventory	(31,837		)	10,195
Prepaid expenses and other assets	(38,954		)	3,805
Leased right-of-use assets	441			3,044
Accounts payable, accrued expenses and other current liabilities	57,094			1,261
Accrued compensation	32,606			2,021
Accrued price protection liability	34,719			(3,966		)
Lease liabilities	(6,386		)	(8,142		)
Other long-term liabilities	(1,934		)	(394		)
Net cash provided by operating activities	73,593			78,348
Investing Activities
Purchases of property and equipment	(12,487		)	(6,887		)
Purchases of intangible assets	(2,799		)	(86		)
Cash used in acquisitions, net of cash acquired	(160,000		)	—
Net cash used in investing activities	(175,286		)	(6,973		)
Financing Activities
Proceeds from the issuance of debt	175,000			—
Payment of debt issuance cost	(2,696		)	—
Repayment of debt	(17,188		)	(50,000		)
Net proceeds from issuance of common stock	8,068			8,603
Minimum tax withholding paid on behalf of employees for restricted stock units	(3,535		)	(11,986		)
Net cash provided by (used in) financing activities	159,649			(53,383		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,039		)	934
Increase in cash, cash equivalents and restricted cash	56,917			18,926
Cash, cash equivalents and restricted cash at beginning of period	93,117			74,191
Cash, cash equivalents and restricted cash at end of period	$	150,034		$	93,117

MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
	December 31, 2020		September 30, 2020		December 31, 2019
Assets
Current assets:
Cash and cash equivalents	$	148,901	$	96,570	$	92,708
Short-term restricted cash	115		111		349
Accounts receivable, net	67,442		105,355		50,411
Inventory	97,839		104,471		31,510
Prepaid expenses and other current assets	47,421		43,546		6,792
Total current assets	361,718		350,053		181,770
Long-term restricted cash	1,018		61		60
Property and equipment, net	39,470		37,258		16,613
Leased right-of-use assets	21,886		11,876		10,978
Intangible assets, net	207,266		232,148		187,971
Goodwill	302,828		302,576		238,330
Deferred tax assets	86,065		72,537		67,284
Other long-term assets	2,191		1,270		2,785
Total assets	$	1,022,442	$	1,007,779	$	705,791

Liabilities and stockholders’ equity
Current liabilities	$	233,661	$	211,374	$	66,562
Long-term lease liabilities	20,862		9,406		9,335
Long-term debt	363,592		372,457		206,909
Other long-term liabilities	13,210		17,734		8,065
Stockholders’ equity	391,117		396,808		414,920
Total liabilities and stockholders’ equity	$	1,022,442	$	1,007,779	$	705,791

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
	Three Months Ended
	December 31, 2020			September 30, 2020			December 31, 2019
GAAP gross profit	$	83,087		$	66,206		$	36,624
Stock-based compensation	160			143			149
Performance based equity	124			180			(21		)
Amortization of inventory fair value adjustments	18,500			14,445			—
Amortization of purchased intangible assets	10,667			9,901			8,513
Non-GAAP gross profit	112,538			90,875			45,265

GAAP R&D expenses	70,504			55,816			23,467
Stock-based compensation	(7,410		)	(6,056		)	(3,955		)
Performance based equity	(6,124		)	(6,190		)	(421		)
Non-GAAP R&D expenses	56,970			43,570			19,091

GAAP SG&A expenses	36,238			41,685			20,924
Stock-based compensation	(6,970		)	(7,349		)	(3,643		)
Performance based equity	(2,991		)	(2,991		)	(604		)
Amortization of purchased intangible assets	(6,200		)	(6,057		)	(5,723		)
Acquisition and integration costs	(1,200		)	(7,762		)	—
IP litigation costs, net	(32		)	(35		)	3
Non-GAAP SG&A expenses	18,845			17,491			10,957

GAAP restructuring expenses	—			3,280			159
Restructuring charges	—			(3,280		)	(159		)
Non-GAAP restructuring expenses	—			—			—

GAAP loss from operations	(23,655		)	(34,575		)	(7,926		)
Total non-GAAP adjustments	60,378			64,389			23,143
Non-GAAP income from operations	36,723			29,814			15,217

GAAP and non-GAAP interest and other income (expense), net	(5,148		)	(4,261		)	(2,863		)
Non-recurring interest and other income (expense), net	384			—			—
Non-GAAP interest and other income (expense), net	(4,764		)	(4,261		)	(2,863		)

GAAP loss before income taxes	(28,803		)	(38,836		)	(10,789		)
Total non-GAAP adjustments	60,762			64,389			23,143
Non-GAAP income before income taxes	31,959			25,553			12,354

GAAP income tax benefit	(4,131		)	(2,191		)	(2,685		)
Adjustment for non-cash tax benefits/expenses	6,048			3,724			3,303
Non-GAAP income tax provision	1,917			1,533			618

GAAP net loss	(24,672		)	(36,645		)	(8,104		)
Total non-GAAP adjustments before income taxes	60,762			64,389			23,143
Less: total tax adjustments	6,048			3,724			3,303
Non-GAAP net income	$	30,042		$	24,020		$	11,736

Shares used in computing non-GAAP basic net income per share	74,335			73,402			71,746
Shares used in computing non-GAAP diluted net income per share	77,926			75,324			72,707
Non-GAAP basic net income per share	$	0.40		$	0.33		$	0.16
Non-GAAP diluted net income per share	$	0.39		$	0.32		$	0.16

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
	Year Ended
	December 31, 2020			December 31, 2019
GAAP gross profit	$	212,798		$	167,685
Stock-based compensation	577			577
Performance based equity	482			52
Amortization of inventory fair value adjustments	32,945			—
Amortization of purchased intangible assets	37,730			33,892
Non-GAAP gross profit	284,532			202,206

GAAP R&D expenses	179,993			98,344
Stock-based compensation	(22,252		)	(16,545		)
Performance based equity	(16,118		)	(1,391		)
Depreciation of fixed asset fair value adjustments	—			(6		)
Non-GAAP R&D expenses	141,623			80,402

GAAP SG&A expenses	130,025			88,762
Stock-based compensation	(24,172		)	(14,938		)
Performance based equity	(8,262		)	(1,822		)
Amortization of purchased intangible assets	(23,529		)	(23,035		)
Acquisition and integration costs	(14,322		)	—
IP litigation costs, net	(181		)	(81		)
Non-GAAP SG&A expenses	59,559			48,886

GAAP impairment losses	86			—
Impairment losses	(86		)	—
Non-GAAP impairment losses	—			—

GAAP restructuring expenses	3,833			2,636
Restructuring charges	(3,833		)	(2,636		)
Non-GAAP restructuring expenses	—			—

GAAP loss from operations	(101,139		)	(22,057		)
Total non-GAAP adjustments	184,489			94,975
Non-GAAP income from operations	83,350			72,918

GAAP interest and other income (expense), net	(13,713		)	(10,427		)
Non-recurring interest and other income (expense), net	384			(1,006		)
Non-GAAP interest and other income (expense), net	(13,329		)	(11,433		)

GAAP loss before income taxes	(114,852		)	(32,484		)
Total non-GAAP adjustments	184,873			93,969
Non-GAAP income before income taxes	70,021			61,485

GAAP income tax benefit	(16,259		)	(12,586		)
Adjustment for non-cash tax benefits/expenses	20,460			16,296
Non-GAAP income tax provision	4,201			3,710

GAAP net loss	(98,593		)	(19,898		)
Total non-GAAP adjustments before income taxes	184,873			93,969
Less: total tax adjustments	20,460			16,296
Non-GAAP net income	$	65,820		$	57,775

Shares used in computing non-GAAP basic net income per share	73,133			71,005
Shares used in computing non-GAAP diluted net income per share	74,928			72,381
Non-GAAP basic net income per share	$	0.90		$	0.81
Non-GAAP diluted net income per share	$	0.88		$	0.80

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
	Three Months Ended
	December 31, 2020		September 30, 2020		December 31, 2019
GAAP gross profit	42.7	%	42.3	%	52.3	%
Stock-based compensation	0.1	%	0.1	%	0.2	%
Performance based equity	0.1	%	0.1	%	—	%
Amortization of inventory fair value adjustments	9.5	%	9.2	%	—	%
Amortization of purchased intangible assets	5.5	%	6.3	%	12.2	%
Non-GAAP gross profit	57.8	%	58.0	%	64.6	%

GAAP R&D expenses	36.2	%	35.6	%	33.5	%
Stock-based compensation	(3.8	)%	(3.9	)%	(5.7	)%
Performance based equity	(3.1	)%	(4.0	)%	(0.6	)%
Non-GAAP R&D expenses	29.3	%	27.8	%	27.3	%

GAAP SG&A expenses	18.6	%	26.6	%	29.9	%
Stock-based compensation	(3.6	)%	(4.7	)%	(5.2	)%
Performance based equity	(1.5	)%	(1.9	)%	(0.9	)%
Amortization of purchased intangible assets	(3.2	)%	(3.9	)%	(8.2	)%
Acquisition and integration costs	(0.6	)%	(5.0	)%	—	%
IP litigation costs, net	—	%	—	%	—	%
Non-GAAP SG&A expenses	9.7	%	11.2	%	15.7	%

GAAP restructuring expenses	—	%	2.1	%	0.2	%
Restructuring charges	—	%	(2.1	)%	(0.2	)%
Non-GAAP restructuring expenses	—	%	—	%	—	%

GAAP loss from operations	(12.2	)%	(22.1	)%	(11.3	)%
Total non-GAAP adjustments	31.0	%	41.1	%	33.1	%
Non-GAAP income from operations	18.9	%	19.0	%	21.7	%

GAAP and non-GAAP interest and other income (expense), net	(2.6	)%	(2.7	)%	(4.1	)%
Non-recurring interest and other income (expense), net	0.2	%	—	%	—	%
Non-GAAP interest and other income (expense), net	(2.4	)%	(2.7	)%	(4.1	)%

GAAP loss before income taxes	(14.8	)%	(24.8	)%	(15.4	)%
Total non-GAAP adjustments before income taxes	31.2	%	41.1	%	33.1	%
Non-GAAP income before income taxes	16.4	%	16.3	%	17.6	%

GAAP income tax benefit	(2.1	)%	(1.4	)%	(3.8	)%
Adjustment for non-cash tax benefits/expenses	3.1	%	2.4	%	4.7	%
Non-GAAP income tax provision	1.0	%	1.0	%	0.9	%

GAAP net loss	(12.7	)%	(23.4	)%	(11.6	)%
Total non-GAAP adjustments before income taxes	31.2	%	41.1	%	33.1	%
Less: total tax adjustments	3.1	%	2.4	%	4.7	%
Non-GAAP net income	15.4	%	15.3	%	16.8	%

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
	Year Ended
	December 31, 2020		December 31, 2019
GAAP gross profit	44.5	%	52.9	%
Stock-based compensation	0.1	%	0.2	%
Performance based equity	0.1	%	0.0	%
Amortization of inventory fair value adjustments	6.9	%	0.0	%
Amortization of purchased intangible assets	7.9	%	10.7	%
Non-GAAP gross profit	59.5	%	63.8	%

GAAP R&D expenses	37.6	%	31.0	%
Stock-based compensation	(4.7	)%	(5.2	)%
Performance based equity	(3.4	)%	(0.4	)%
Depreciation of fixed asset fair value adjustments	—	%	—	%
Non-GAAP R&D expenses	29.6	%	25.4	%

GAAP SG&A expenses	27.2	%	28.0	%
Stock-based compensation	(5.1	)%	(4.7	)%
Performance based equity	(1.7	)%	(0.6	)%
Amortization of purchased intangible assets	(4.9	)%	(7.3	)%
Acquisition and integration costs	(3.0	)%	—	%
IP litigation costs, net	(0.0	)%	—	%
Non-GAAP SG&A expenses	12.4	%	15.4	%

GAAP impairment losses	0.02	%	—	%
Impairment losses	(0.02	)%	—	%
Non-GAAP impairment losses	—	%	—	%

GAAP restructuring expenses	0.8	%	0.8	%
Restructuring charges	(0.8	)%	(0.8	)%
Non-GAAP restructuring expenses	—	%	—	%

GAAP loss from operations	(21.1	)%	(7.0	)%
Total non-GAAP adjustments	38.6	%	29.9	%
Non-GAAP income from operations	17.4	%	23.0	%

GAAP interest and other income (expense), net	(2.9	)%	(3.3	)%
Non-recurring interest and other income (expense), net	0.1	%	(0.3	)%
Non-GAAP interest and other income (expense), net	(2.8	)%	(3.6	)%

GAAP loss before income taxes	(24.0	)%	(10.2	)%
Total non-GAAP adjustments before income taxes	38.6	%	29.6	%
Non-GAAP income before income taxes	14.6	%	19.4	%

GAAP income tax benefit	(3.4	)%	(4.0	)%
Adjustment for non-cash tax benefits/expenses	4.3	%	5.1	%
Non-GAAP income tax provision	0.9	%	1.2	%

GAAP net loss	(20.6	)%	(6.3	)%
Total non-GAAP adjustments before income taxes	38.6	%	29.6	%
Less: total tax adjustments	4.3	%	5.1	%
Non-GAAP net income	13.8	%	18.2	%

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